Hyundai Resumes Projects in Libya

Bloomberg reports that Hyundai has resumed work on projects in Libya, following assurances on compensation and security from the Libyan government.

Korean minister Kyunghan Kim told the news agency that he "asked the Libyan government to expedite the process of re-evaluating all existing contracts and to resolve the compensation, non-payment, bond call, and escalation fees for resuming the projects ... Many feel worried about returning to work and we are trying to help them as much as we can".

He added that there are 19 South Korean construction companies with 25 projects worth a total of $10.6 billion in Libya.

(Source: Bloomberg)

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